ESG

Randgold reveals government payments

London-based Randgold Resources (LSE: RRS) paid more than US$252 million to West African governments last year.

Staff reporter
Randgold paid more than US$252 million in 2017

Randgold paid more than US$252 million in 2017

None was paid to the Democratic Republic of Congo, according to the miner's disclosure statement for the year ending December 31, 2017.

Randgold paid just over $201 million to Mali including $130.4 million in taxes, plus $51.6 million to Cote d'Ivoire including $29.3 million in taxes.

The previous year, it had paid a total of $172.98 million, including $157,944 to the DRC for licence fees.

Mali received $161.12 million in 2016, including $96.7 million in taxes, and Cote d'Ivoire $11.7 million, including about $605,000 in taxes.

In 2015, Randgold's payments to governments had totalled $120.85 million. The lion's share of just over $112 million went to Mali, with the remainder to Cote d'Ivoire, bar $42,294 to Senegal for license fees.

Randgold said the payments covered taxes, royalties, dividends, license fees and infrastructure improvements but payments, other than license fees, of less than $110,800 were not included.

The report also did not cover payments made by entities where Randgold had joint control, including Kibali Goldmines SA in Mali.

The West African-focused gold miner said last month it was nearing a development decision for Massawa in Senegal but is yet to publicly comment on the DRC signing its new mining code into law - a move Randgold has strongly opposed.
 
Earlier this year, diversified major Rio Tinto reported paying $5.1 billion in royalties and general taxes over 2017, while BHP said it had paid $4.7 billion in FY2017, with a final corporate income tax payment in Australia expected to take its total government payments to $5.9 billion for the period. 

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